Peter Romeo

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Peter Romeo

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Cheesecake Factory furloughs 41,000, cuts executive pay 20%

The company said it is negotiating with landlords for a break on rent for the duration of the COVID-19 crisis.


Cheesecake Factory halts rent payments

Landlords have been alerted by letter that restaurants will stop payments beginning with their April obligations.

Local operators are asking the city and state to end rent collections and provide other forms of assistance.

The largest public assistance measure in American history is an imposing tome of legalese and technical language. Here are the parts with particular relevance for foodservice.

The layoffs affect about 70% of the billionaire's workforce.

The buffet chain said it will help the laid-off employees with food and assistance in accessing public benefits.

The eatertainment chain faces foreclosure and has already closed all 19 units and laid off its staff.

Meal kits are keeping the multiconcept operator in business. Boxed meals are helping its soul.

Off-premise business is generating 10% to 20% of normal weekly sales, the company says. It has provided two weeks of emergency pay to the dislocated employees.

The salaries of the remaining home-office employees have been cut 50%.

Marriott has already said it will furlough tens of thousands.

But conditions forced the temporary closure of 27 properties, the company said.

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